The Principal Reduction Alternative (PRA) program ended on December 31, 2016. Learn what foreclosure avoidance options are still available.

In 2009, the federal government started the Making Home Affordable (MHA) initiative to help homeowners avoid foreclosure. One of the components of the MHA initiative was the Principal Reduction Alternative (PRA) program. Under the PRA program, some of the principal of a borrower’s loan was forgiven and didn't have to be repaid as long as the borrower remained in good standing—not more than 60 days delinquent—on a Home Affordable Modification Program (HAMP) modification.

Unfortunately, the MHA programs—including PRA—ended on December 31, 2016. Read on to learn what kinds of foreclosure avoidance options are still available and how you can get help if you’re facing a foreclosure.

One program under the Making Home Affordable initiative that's still available is the Home Affordable Refinance Program—or "HARP"—which remains in effect until December 31, 2018. HARP is the mortgage refinance option under the MHA initiative. With HARP, you might be able to: